5. Revenue

As of March 31, 2026 and December 31, 2025, the Company’s remaining performance obligations were $524,049,423 and $516,764,766, respectively, all of which is expected to be recognized within the next eighteen months. As of March 31, 2026 the Company expects to recognize $494.0 million within the next 12 months and the remaining $30 million in the period from 13 to 18 months from these performance obligations. These amounts represent the aggregate amount of revenue expected to be recognized on contracts for which performance has commenced but is not yet complete. These obligations are derived from the transaction price allocated to unsatisfied or partially satisfied performance obligations under existing contracts.

Revenue recognized in the period from performance obligations satisfied in prior periods resulted in a net increase of approximately $674,000 in 2026, and an increase of $777,000 in 2025. These changes were primarily due to the resolution of previously unresolved change orders.

In the three months ended March 31, 2026 and 2025, the Company's sales projects all reside within the same geographical market: North Carolina, South Carolina, and Georgia in the United States. The Company expanded its presence in the Charlotte, North Carolina market through the acquisitions of Purcell in January 2025, and Red Clay in October 2025, expanded its presence in the Greensboro, North Carolina market through the acquisition of Page in May 2025, and entered the Atlanta, Georgia market through the acquisition of ALGC in February 2026 (Note 3). The Company historically has minimal credit loss from collections and therefore believes the collections and economic risks across its customers are similar.

The Company's customers in the Private sector primarily consist of national and regional home builders. Public sector customers include government agencies such as the department of transportation. Private sector customers comprised 93% of the Company's revenue in 2026 and 96% in 2025, while Public sector customers comprised 7% of the Company's revenue in 2026 and 4% in 2025.

In the three months ended March 31, 2026 and 2025, respectively, 99% and 99% of the Company's revenue relates to fixed price contracts, with the remaining 1% and 1% relates to time and material billed contracts. Typically, there is more risk with fixed-price contracts, and unforeseen events and circumstances can alter the estimate of the costs and potential profit. However, fixed price contracts offer additional profit when the Company completes the work for less cost than originally estimated. Time and material contracts generally are subject to lower risk, and as such, the associated fees are usually lower than fees earned on fixed-price contracts.

The Company's primary customer contracts are for 'turn key land development' projects that generally take 12 to 18 months to complete. Contracts that are not turn key land development will typically be for a smaller subset of the Company's services, such as for standalone paving contracts, which generally are complete in one to three months. Revenue from these short duration contracts comprised approximately 3% of the Company's revenue in 2026, and 2% in 2025.